Fitch

Moody's

S&P

Supporting Factors

Major commodity exporter

strong

High-yielding interest rates

medium

Factors of Weakness

Political instability and irresponsibility

medium

High-risk emerging country

strong

The Russian ruble is the currency of the Russian Federation, while currencies called “ruble” were also used in the Russian Empire and the Soviet Union. The currency faced a massive devaluation, leading to a redenomination in 1998. The Russian ruble relies on export of crude oil. Therefore the ruble’s performance depends on prices for the commodity.

The Russian ruble gained today as a report released during the current trading session showed that the nation’s slowed its decline last month. The currency has not been able to keep gains, though, and trades below the opening level currently.

The Russian ruble sank on Monday against the US dollar and the euro but remained well above the all-time lows. On Tuesday, the currency retained weakness versus the dollar but moved a bit higher against the euro.

The Russian ruble dropped today even after the report that the sharp decline of Russia’ economy has apparently ended. It looks like investors are still reluctant to come to the country that is under sanctions from the West.